Those that write off your truck mileage, how do you handle your gas expense?

For example, it would cost you $50 in gas to fill up your truck. Now you can not write off that if you write off your mileage, but do you still keep track of your gas expense. If so, how do you do that in relation to the mileage? How do you come to a true expense report every month based on your truck gas expense and mileage?

S.P.Martin Lawn Care

02-26-2007, 07:26 PM

If you were to add up all the costs such as fuel, oil changes, tires, insurance, repairs, and everything else related to operating your wheels, Uncle Sam says it will average around $.445 per mile. You know you can write off at least that amount.

Should your actual expenses per mile exceed Uncle Sam's estimate, go that route. Its just takes longer to figure out and you need all your receipts to prove it.

IMO, trucking companies are the ones that are probably spending that much per mile. The rest of us are likely to be well under that rate which is a good thing.

I routinely track both the mileage and every penny I put in it. At the end of the year I figure it out and go with the highest per mile write off.

tiedeman

02-26-2007, 07:47 PM

I realize that, but I was curious as whether you put the fuel in your expense reports throughout the year, and then just delete the fuel costs after you figure out that the mileage is more?

S.P.Martin Lawn Care

02-27-2007, 08:24 AM

Now I see. I have an appointment with my tax preparer this Friday. I'll see what she says, maybe there is another way to keep that deduction we don't know about.